8-K 1 abf04op5_dec.txt DECEMBER 8K UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington D. C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): December 27, 2004 ASSET BACKED FUNDING CORPORATION Asset Backed Certificates, Series 2004 OPT-5 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-108551-11 54-2162532 Pooling and Servicing Agreement) (Commission 54-2162533 (State or other File Number) 54-6643067 jurisdiction IRS EIN of Incorporation) c/o Wells Fargo Bank, N.A. 9062 Old Annapolis Road Columbia, MD 21045 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (410) 884-2000 (Former name or former address, if changed since last report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act(17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act(17 CFR 240.13e-4(c)) ITEM 8.01 Other Events On December 27, 2004 a distribution was made to holders of ASSET BACKED FUNDING CORPORATION, Asset Backed Certificates, Series 2004 OPT-5 Trust. ITEM 9.01 Financial Statements and Exhibits (c) Exhibits Exhibit Number Description EX-99.1 Monthly report distributed to holders of Asset Backed Certificates, Series 2004 OPT-5 Trust, relating to the December 27, 2004 distribution. Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. ASSET BACKED FUNDING CORPORATION Asset Backed Certificates, Series 2004 OPT-5 Trust (Registrant) By: Wells Fargo Bank, N.A. as Trustee By: /s/ Beth Belfield as Assistant Vice President By: Beth Belfield as Assistant Vice President Date: 12/30/2004 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Asset Backed Certificates, Series 2004 OPT-5 Trust, relating to the December 27, 2004 distribution. EX-99.1

Asset Backed Funding Corporation ~~Mortgage~~Asset ~~Pass-Through~~Backed Certificates Record Date: 1011/3130/042004 Distribution Date: 1112/2627/042004 ~~ABFC~~Asset Backed Funding Corporation Asset Backed Certificates Series: 2004 OPT-~~OP5~~5 Contact: Customer Service - CTSLink Wells Fargo Bank, N.A. Securities Administration Services 7485 New Horizon Way Frederick, MD 21703 Telephone: (301) 815-6600 Fax: (301) 815-6660 Certificateholder Distribution Summary Certificate Certificate Beginning Class Pass-Through Certificate Interest Principal Class CUSIP Description Rate Balance Distribution Distribution A-1 04542BJY9 SEN 2.~~21750~~53000% ~~931~~911,~~393~~920,~~000~~204.0045 21,~~466~~986,~~962~~719.5349 1923,~~472~~272,~~795~~874.5500 A-2 04542BJZ6 SEN 2.~~05750~~37000% ~~145~~137,~~382~~889,~~000~~805.0040 ~~357~~281,~~286~~410.3611 7,~~492~~782,~~194~~457.6025 A-3 04542BKA9 SEN 2.~~23750~~55000% 69,307,000.00 ~~185~~152,~~227~~186.7762 0.00 A-4 04542BKB7 SEN 2.~~49250~~80500% 66,024,000.00 ~~196~~159,~~563~~475.5347 0.00 M-1 04542BKC5 SUB 2.~~61750~~93000% 53,871,000.00 ~~168~~135,~~425~~919.4453 0.00 M-2 04542BKD3 SUB 3.~~31750~~63000% 37,036,000.00 ~~146~~115,~~757~~768.7236 0.00 M-3 04542BKE1 SUB 3.~~51750~~83000% 10,101,000.00 4233,~~438~~313.9366 0.00 M-4 04542BKF8 SUB 4.~~01750~~33000% 10,100,000.00 4837,~~466~~658.6797 0.00 M-5 04542BKG6 SUB 45.~~86750~~18000% 8,081,000.00 4636,~~982~~045.6075 0.00 M-6 04542BKH4 SUB 5.~~36750~~68000% 4,714,000.00 3023,~~222~~056.3170 0.00 M-7 04542BKJ0 SUB 5.~~36750~~68000% 4,040,000.00 2519,~~901~~760.1709 0.00 CE ABF4OP5CE SUB 0.00000% 6,~~736~~733,~~191~~925.1997 3,~~068~~654,~~106~~331.1426 0.00 P ABF04OP5P SEN 0.00000% 0.0100 ~~444~~538,~~452~~116.8005 0.0100 R ABF04OP5R SUB 0.00000% 0.00 0.00 0.00 R1 ABFC4OP5R1 SUB 0.00000% 0.00 0.00 0.00 R2 ABFC4OP5R2 SUB 0.00000% 0.00 0.00 0.00 Totals 1,~~346~~319,~~785~~817,~~191~~935.2082 7,~~227~~173,~~793~~762.9706 2631,~~964~~055,~~990~~331.1625

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A-1 0.00 ~~911~~888,~~920~~647,~~204~~330.45 2125,~~939~~259,~~758~~593.0849 0.00 A-2 0.00 ~~137~~130,~~889~~107,~~805~~348.4015 78,~~849~~063,~~480~~867.9636 0.00 A-3 0.00 69,307,000.00 ~~185~~152,~~227~~186.7762 0.00 A-4 0.00 66,024,000.00 ~~196~~159,~~563~~475.5347 0.00 M-1 0.00 53,871,000.00 ~~168~~135,~~425~~919.4453 0.00 M-2 0.00 37,036,000.00 ~~146~~115,~~757~~768.7236 0.00 M-3 0.00 10,101,000.00 4233,~~438~~313.9366 0.00 M-4 0.00 10,100,000.00 4837,~~466~~658.6797 0.00 M-5 0.00 8,081,000.00 4636,~~982~~045.6075 0.00 M-6 0.00 4,714,000.00 3023,~~222~~056.3170 0.00 M-7 0.00 4,040,000.00 2519,~~901~~760.1709 0.00 CE 0.00 6,733,925.9796 3,~~068~~654,~~106~~331.1426 0.00 P 0.00 0.00 ~~444~~538,~~452~~116.8105 0.00 R 0.00 0.00 0.00 0.00 R1 0.00 0.00 0.00 0.00 R2 0.00 0.00 0.00 0.00 Totals 0.00 1,~~319~~288,~~817~~762,~~935~~604.8256 3438,~~192~~229,~~784~~093.1331 0.00 All distributions required by the Pooling and Servicing Agreement have been calculated by the Certificate Administrator on behalf of the Trustee.

Principal Distribution Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Realized Class Amount Balance Distribution Distribution Accretion Loss (1) A-1 931,393,000.00 ~~931~~911,~~393~~920,~~000~~204.0045 0.00 1923,~~472~~272,~~795~~874.5500 0.00 0.00 A-2 145,382,000.00 ~~145~~137,~~382~~889,~~000~~805.0040 0.00 7,~~492~~782,~~194~~457.6025 0.00 0.00 A-3 69,307,000.00 69,307,000.00 0.00 0.00 0.00 0.00 A-4 66,024,000.00 66,024,000.00 0.00 0.00 0.00 0.00 M-1 53,871,000.00 53,871,000.00 0.00 0.00 0.00 0.00 M-2 37,036,000.00 37,036,000.00 0.00 0.00 0.00 0.00 M-3 10,101,000.00 10,101,000.00 0.00 0.00 0.00 0.00 M-4 10,100,000.00 10,100,000.00 0.00 0.00 0.00 0.00 M-5 8,081,000.00 8,081,000.00 0.00 0.00 0.00 0.00 M-6 4,714,000.00 4,714,000.00 0.00 0.00 0.00 0.00 M-7 4,040,000.00 4,040,000.00 0.00 0.00 0.00 0.00 CE 6,736,191.19 6,~~736~~733,~~191~~925.1997 0.00 0.00 0.00 0.00 P 0.01 0.0100 0.00 0.0100 0.00 0.00 R 0.00 0.00 0.00 0.00 0.00 0.00 R1 0.00 0.00 0.00 0.00 0.00 0.00 R2 0.00 0.00 0.00 0.00 0.00 0.00 Totals 1,346,785,191.20 1,~~346~~319,~~785~~817,~~191~~935.2082 0.00 2631,~~964~~055,~~990~~331.1625 0.00 0.00 (1) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

Principal Distribution Statement (continued) Total Ending Ending Total Principal Certificate Certificate Principal Class Reduction Balance Percentage Distribution A-1 1923,~~472~~272,~~795~~874.5500 ~~911~~888,~~920~~647,~~204~~330.45 0.~~97909283~~95410566 1923,~~472~~272,~~795~~874.5500 A-2 7,~~492~~782,~~194~~457.6025 ~~137~~130,~~889~~107,~~805~~348.4015 0.~~94846546~~89493437 7,~~492~~782,~~194~~457.6025 A-3 0.00 69,307,000.00 1.00000000 0.00 A-4 0.00 66,024,000.00 1.00000000 0.00 M-1 0.00 53,871,000.00 1.00000000 0.00 M-2 0.00 37,036,000.00 1.00000000 0.00 M-3 0.00 10,101,000.00 1.00000000 0.00 M-4 0.00 10,100,000.00 1.00000000 0.00 M-5 0.00 8,081,000.00 1.00000000 0.00 M-6 0.00 4,714,000.00 1.00000000 0.00 M-7 0.00 4,040,000.00 1.00000000 0.00 CE 0.00 6,733,925.9796 0.99966372 0.00 P 0.0100 0.00 0.00000000 0.0100 R 0.00 0.00 0.00000000 0.00 R1 0.00 0.00 0.00000000 0.00 R2 0.00 0.00 0.00000000 0.00 Totals 2631,~~964~~055,~~990~~331.1625 1,~~319~~288,~~817~~762,~~935~~604.8256 0.~~97997657~~95691771 2631,~~964~~055,~~990~~331.1625

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A-1 931,393,000.00 ~~1000~~979.~~00000000~~09282596 0.00000000 2024.~~90717404~~98716868 0.00000000 A-2 145,382,000.00 ~~1000~~948.~~00000000~~46545927 0.00000000 5153.~~53454073~~53109223 0.00000000 A-3 69,307,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 A-4 66,024,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-1 53,871,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-2 37,036,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-3 10,101,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-4 10,100,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-5 8,081,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-6 4,714,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-7 4,040,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 CE 6,736,191.19 ~~1000~~999.~~00000000~~66372392 0.00000000 0.00000000 0.00000000 P 0.01 0.00000000 0.00000000 0.00000000 0.00000000 R 0.00 0.00000000 0.00000000 0.00000000 0.00000000 R1 0.00 0.00000000 0.00000000 0.00000000 0.00000000 R2 0.00 0.00000000 0.00000000 0.00000000 0.00000000 (2) All Classes are per $1,000 denomination.

Principal Distribution Factors Statement (continued) Total Ending Ending Total Realized Principal Certificate Certificate Principal Class Loss (3) Reduction Balance Percentage Distribution A-1 0.00000000 2024.~~90717404~~98716868 ~~979~~954.~~09282596~~10565728 0.~~97909283~~95410566 2024.~~90717404~~98716868 A-2 0.00000000 5153.~~53454073~~53109223 ~~948~~894.~~46545927~~93436705 0.~~94846546~~89493437 5153.~~53454073~~53109223 A-3 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 A-4 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M-1 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M-3 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M-4 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M-5 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M-6 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M-7 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 CE 0.00000000 0.00000000 999.~~66372392~~66372243 0.99966372 0.00000000 P 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R2 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 (3) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

Interest Distribution Statement Beginning Payment of Original Current Certificate/ Current Unpaid Current Face Certificate Notional Accrued Interest Interest Class Amount Rate Balance Interest Shortfall Shortfall A-1 931,393,000.00 2.~~21750~~53000% ~~931~~911,~~393~~920,~~000~~204.0045 21,~~466~~986,~~962~~719.5349 0.00 0.00 A-2 145,382,000.00 2.~~05750~~37000% ~~145~~137,~~382~~889,~~000~~805.0040 ~~357~~281,~~286~~410.3611 0.00 0.00 A-3 69,307,000.00 2.~~23750~~55000% 69,307,000.00 ~~185~~152,~~227~~186.7762 0.00 0.00 A-4 66,024,000.00 2.~~49250~~80500% 66,024,000.00 ~~196~~159,~~563~~475.5347 0.00 0.00 M-1 53,871,000.00 2.~~61750~~93000% 53,871,000.00 ~~168~~135,~~425~~919.4453 0.00 0.00 M-2 37,036,000.00 3.~~31750~~63000% 37,036,000.00 ~~146~~115,~~757~~768.7236 0.00 0.00 M-3 10,101,000.00 3.~~51750~~83000% 10,101,000.00 4233,~~438~~313.9366 0.00 0.00 M-4 10,100,000.00 4.~~01750~~33000% 10,100,000.00 4837,~~466~~658.6797 0.00 0.00 M-5 8,081,000.00 45.~~86750~~18000% 8,081,000.00 4636,~~982~~045.6075 0.00 0.00 M-6 4,714,000.00 5.~~36750~~68000% 4,714,000.00 3023,~~222~~056.3170 0.00 0.00 M-7 4,040,000.00 5.~~36750~~68000% 4,040,000.00 2519,~~901~~760.1709 0.00 0.00 CE 6,736,191.19 0.00000% 6,~~736~~733,~~191~~925.1997 0.00 0.00 0.00 P 0.01 0.00000% 0.0100 0.00 0.00 0.00 R 0.00 0.00000% 1,~~346~~319,~~785~~817,~~191~~935.1982 0.00 0.00 0.00 R1 0.00 0.00000% 0.00 0.00 0.00 0.00 R2 0.00 0.00000% 0.00 0.00 0.00 0.00 Totals 1,346,785,191.20 32,~~715~~981,~~235~~314.0375 0.00 0.00

Interest Distribution Statement (continued) Remaining Ending Non-Supported Total Unpaid Certificate/ Interest Realized Interest Interest Notional Class Shortfall Losses (4) Distribution Shortfall Balance A-1 0.00 0.00 21,~~466~~986,~~962~~719.5349 0.00 ~~911~~888,~~920~~647,~~204~~330.45 A-2 0.00 0.00 ~~357~~281,~~286~~410.3611 0.00 ~~137~~130,~~889~~107,~~805~~348.4015 A-3 0.00 0.00 ~~185~~152,~~227~~186.7762 0.00 69,307,000.00 A-4 0.00 0.00 ~~196~~159,~~563~~475.5347 0.00 66,024,000.00 M-1 0.00 0.00 ~~168~~135,~~425~~919.4453 0.00 53,871,000.00 M-2 0.00 0.00 ~~146~~115,~~757~~768.7236 0.00 37,036,000.00 M-3 0.00 0.00 4233,~~438~~313.9366 0.00 10,101,000.00 M-4 0.00 0.00 4837,~~466~~658.6797 0.00 10,100,000.00 M-5 0.00 0.00 4636,~~982~~045.6075 0.00 8,081,000.00 M-6 0.00 0.00 3023,~~222~~056.3170 0.00 4,714,000.00 M-7 0.00 0.00 2519,~~901~~760.1709 0.00 4,040,000.00 CE 0.00 0.00 3,~~068~~654,~~106~~331.1426 0.00 6,733,925.9796 P 0.00 0.00 ~~444~~538,~~452~~116.8005 0.00 0.00 R 0.00 0.00 0.00 0.00 1,~~319~~288,~~817~~762,~~935~~604.8256 R1 0.00 0.00 0.00 0.00 0.00 R2 0.00 0.00 0.00 0.00 0.00 Totals 0.00 0.00 7,~~227~~173,~~793~~762.9706 0.00 (4) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

Interest Distribution Factors Statement Beginning Payment of Original Current Certificate/ Current Unpaid Current Face Certificate Notional Accrued Interest Interest Class (5) Amount Rate Balance Interest Shortfall Shortfall A-1 931,393,000.00 2.~~21750~~53000% ~~1000~~979.~~00000000~~09282596 2.~~64868056~~13306251 0.00000000 0.00000000 A-2 145,382,000.00 2.~~05750~~37000% ~~1000~~948.~~00000000~~46545927 21.~~45756944~~93565992 0.00000000 0.00000000 A-3 69,307,000.00 2.~~23750~~55000% 1000.00000000 2.~~67256944~~19583332 0.00000000 0.00000000 A-4 66,024,000.00 2.~~49250~~80500% 1000.00000000 2.~~97715270~~41541667 0.00000000 0.00000000 M-1 53,871,000.00 2.~~61750~~93000% 1000.00000000 32.~~12645839~~52305563 0.00000000 0.00000000 M-2 37,036,000.00 3.~~31750~~63000% 1000.00000000 3.~~96256939~~12583324 0.00000000 0.00000000 M-3 10,101,000.00 3.~~51750~~83000% 1000.00000000 43.~~20145827~~29805564 0.00000000 0.00000000 M-4 10,100,000.00 4.~~01750~~33000% 1000.00000000 43.~~79868020~~72861089 0.00000000 0.00000000 M-5 8,081,000.00 45.~~86750~~18000% 1000.00000000 54.~~81395867~~46055562 0.00000000 0.00000000 M-6 4,714,000.00 5.~~36750~~68000% 1000.00000000 64.~~41118159~~89111158 0.00000000 0.00000000 M-7 4,040,000.00 5.~~36750~~68000% 1000.00000000 64.~~41118069~~89111139 0.00000000 0.00000000 CE 6,736,191.19 0.00000% ~~1000~~999.~~00000000~~66372392 0.00000000 0.00000000 0.00000000 P 0.01 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 R 0.00 0.00000% ~~1000~~979.~~00000000~~97657270 0.00000000 0.00000000 0.00000000 R1 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 R2 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 (5) All Classes are per $1,000 denomination.

Interest Distribution Factors Statement (continued) Remaining Ending Non-Supported Total Unpaid Certificate/ Interest Realized Interest Interest Notional Class Shortfall Losses (6) Distribution Shortfall Balance A-1 0.00000000 0.00000000 2.~~64868056~~13306251 0.00000000 ~~979~~954.~~09282596~~10565728 A-2 0.00000000 0.00000000 21.~~45756944~~93565992 0.00000000 ~~948~~894.~~46545927~~93436705 A-3 0.00000000 0.00000000 2.~~67256944~~19583332 0.00000000 1000.00000000 A-4 0.00000000 0.00000000 2.~~97715270~~41541667 0.00000000 1000.00000000 M-1 0.00000000 0.00000000 32.~~12645839~~52305563 0.00000000 1000.00000000 M-2 0.00000000 0.00000000 3.~~96256939~~12583324 0.00000000 1000.00000000 M-3 0.00000000 0.00000000 43.~~20145827~~29805564 0.00000000 1000.00000000 M-4 0.00000000 0.00000000 43.~~79868020~~72861089 0.00000000 1000.00000000 M-5 0.00000000 0.00000000 54.~~81395867~~46055562 0.00000000 1000.00000000 M-6 0.00000000 0.00000000 64.~~41118159~~89111158 0.00000000 1000.00000000 M-7 0.00000000 0.00000000 64.~~41118069~~89111139 0.00000000 1000.00000000 CE 0.00000000 0.00000000 ~~455~~542.~~46601239~~49221213 0.00000000 999.~~66372392~~66372243 P 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R 0.00000000 0.00000000 0.00000000 0.00000000 ~~979~~956.~~97657270~~91771263 R1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R2 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 (6) Amount Does Not Include Excess Special Hazard, Bankruptcy,or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

CERTIFICATEHOLDER ACCOUNT STATEMENT CERTIFICATE ACCOUNT Beginning Balance 0.00 Deposits Payments of Interest and Principal 3438,~~808~~731,~~684~~573.6373 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 0.00 Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00 Prepayment Penalties ~~444~~538,~~452~~116.8005 Total Deposits 3539,~~253~~269,~~137~~689.4378 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee 1,~~060~~040,~~353~~596.3047 Payment of Interest and Principal 3438,~~192~~229,~~784~~093.1331 Total Withdrawals (Pool Distribution Amount) 3539,~~253~~269,~~137~~689.4378 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee ~~336~~329,~~696~~954.3048 Credit Risk Manager Fee 16,~~834~~497.8173 PMI Premium ~~697~~684,~~282~~795.4654 Trustee Fee 9,~~539~~348.7372 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee 1,~~060~~040,~~353~~596.3047

LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT DELINQUENCY STATUS DELINQUENT BANKRUPTCY FORECLOSURE REO Total No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 0 0 0 0 0.00 0.00 0.00 0.00 30 Days 116 0 0 0 116 ~~387~~2,~~229~~854,664.2552 0.00 0.00 0.00 ~~387~~2,~~229~~854,664.2552 60 Days 02 0 0 0 02 0401,797.0057 0.00 0.00 0.00 0401,797.0057 90 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 120 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 150 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 180+ Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals 118 0 0 0 118 ~~387~~3,~~229~~256,462.2509 0.00 0.00 0.00 ~~387~~3,~~229~~256,462.2509 No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 0.~~013141~~214506% 0.000000% 0.000000% 0.000000% 0.~~013141~~214506% 0.~~029334~~221449% 0.000000% 0.000000% 0.000000% 0.~~029334~~221449% 60 Days 0.~~000000~~026813% 0.000000% 0.000000% 0.000000% 0.~~000000~~026813% 0.~~000000~~031169% 0.000000% 0.000000% 0.000000% 0.~~000000~~031169% 90 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 120 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 180+ Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 0.~~013141~~241319% 0.000000% 0.000000% 0.000000% 0.~~013141~~241319% 0.~~029334~~252618% 0.000000% 0.000000% 0.000000% 0.~~029334~~252618%

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 223,~~486~~611.92

COLLATERAL STATEMENT Collateral Description Mixed Fixed & Arm Weighted Average Gross Coupon 6.~~986797~~979365% Weighted Average Net Coupon 6.~~686797~~056737% Weighted Average Pass-Through Rate 65.~~042011~~410610% Weighted Average Maturity(Stepdown Calculation ) ~~359~~358 Beginning Scheduled Collateral Loan Count 7,~~742~~610 Number Of Loans Paid In Full ~~132~~151 Ending Scheduled Collateral Loan Count 7,~~610~~459 Beginning Scheduled Collateral Balance 1,~~346~~319,~~785~~817,~~191~~935.2082 Ending Scheduled Collateral Balance 1,~~319~~288,~~817~~762,~~935~~604.8256 Ending Actual Collateral Balance at 3130-~~Oct~~Nov-2004 1,~~320~~289,~~086~~084,~~293~~819.5930 Monthly P &I Constant 8,~~964~~782,~~004~~650.4173 Special Servicing Fee 0.00 Prepayment Penalties ~~444~~538,~~452~~116.8005 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Scheduled Principal 1,~~122~~106,~~575~~408.4509 Unscheduled Principal 2529,~~844~~948,~~679~~923.9217 Required Overcollateralization Amount 0.00 Overcollateralized Increase Amount 0.00 Overcollateralized reduction Amount ~~2,265~~0.2201 Specified O/C Amount 6,733,925.96 Overcollateralized Amount 6,~~736~~733,~~191~~925.1897 Overcollateralized Deficiency Amount 0.00 Base Overcollateralized Amount 0.00 Extra principal distribution Amount 0.00 Excess Cash Amount 3,~~086~~654,~~447~~331.8426

Miscellaneous Reporting Available Funds 3338,~~748~~229,~~331~~093.3331

Group Level Collateral Statement Group 1 2 Total Collateral Description Fixed 15/30 & ARM Fixed 15/30 & ARM Mixed Fixed & Arm Weighted Average Coupon Rate 6.~~992502~~985851 6.~~967867~~957730 6.~~986797~~979365 Weighted Average Net Rate 6.~~692502~~685851 6.~~667867~~657730 6.~~686797~~056737 Weighted Average Maturity ~~351~~350 ~~351~~350 ~~359~~358 Beginning Loan Count 6,~~585~~480 1,~~157~~130 7,~~742~~610 Loans Paid In Full ~~105~~123 2728 ~~132~~151 Ending Loan Count 6,~~480~~357 1,~~130~~102 7,~~610~~459 Beginning Scheduled Balance 1,~~034~~015,~~881~~407,~~545~~114.4507 ~~311~~304,~~903~~410,~~645~~821.7475 1,~~346~~319,~~785~~817,~~191~~935.1982 Ending scheduled Balance 1992,~~015~~134,~~407,114~~240.0706 ~~304~~296,~~410~~628,~~821~~364.7550 1,~~319~~288,~~817~~762,~~935~~604.8256 Record Date 1011/3130/2004 1011/3130/2004 1011/3130/2004 Principal And Interest Constant 6,~~907~~777,~~880~~393.3291 2,~~056~~005,~~124~~256.0982 8,~~964~~782,~~004~~650.4173 Scheduled Principal ~~877~~866,~~537~~158.4218 ~~245~~240,~~038~~249.0391 1,~~122~~106,~~575~~408.4509 Unscheduled Principal 1822,~~596~~406,~~893~~715.9683 7,~~247~~542,~~785~~207.9634 2529,~~844~~948,~~679~~923.9217 Scheduled Interest 65,~~030~~911,~~342~~235.9073 1,~~811~~765,~~086~~006.0691 7,~~841~~676,~~428~~242.9664 Servicing Fees ~~258~~253,~~720~~851.3978 7776,~~975~~102.9170 ~~336~~329,~~696~~954.3048 Master Servicing Fees 0.00 0.00 0.00 Trustee Fee 7,~~330~~192.4147 2,~~209~~156.3225 9,~~539~~348.7372 FRY Amount 0.00 0.00 0.00 Special Hazard Fee 0.00 0.00 0.00 Other Fee ~~564~~12,~~371~~692.3459 ~~149~~3,~~745~~805.9314 ~~714~~16,~~117~~497.2773 Pool Insurance Fee 0.00 0.00 0.00 Spread Fee 1 0.00 0.00 0.00 Spread Fee 2 0.00 0.00 0.00 Spread Fee 3 0544,308.0003 0140,487.0051 0684,795.0054 Net Interest 5,~~199~~093,~~920~~190.7686 1,~~581~~542,~~154~~455.9031 6,~~781~~635,~~075~~646.6617 Realized Loss Amount 0.00 0.00 0.00 Cumulative Realized Loss 0.00 0.00 0.00 Percentage of Cumulative Losses 0.0000 0.0000 0.0000 Prepayment Penalties 0.00 0.00 0.00 Special Servicing Fee 0.00 0.00 0.00 Pass-Through Rate 6.~~029584~~019092 6.~~083244~~080422 65.~~042011~~410610

Filing Compare · Asset-Backed Funding Corp. ABFC Asset Backed Certificates, Series 2004-OPT5